My machine learning model forecasts a potential downward trend for EUR/AUD in the coming fortnight, reaching 0.6134. Possible factors influencing this:
- The euro has faced challenges due to rising gas prices, fears of Russia cutting off natural gas supplies, and the eurozone’s economic outlook.
- The ECB’s dovish stance and potential rate cuts may further contribute to euro weakness.
- Australia’s commitment to green energy and production in its federal budget may positively impact the Australian dollar.
- Positive economic data, such as the Private Sector Credit report, has supported the Australian dollar.